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Deutsche CEO says staff in money laundering probe should not be prejudged

FRANKFURT: Deutsche Bank is not at risk of a takeover, its chief executive told a German weekly paper after its shares fell to a record low on Friday in the wake of a two-day raid related to money laundering allegations.

Speculation about a possible merger has continued despite the bank’s dismissal in September of reports that it could consider tie-ups with Switzerland’s UBS or German peer Commerzbank .

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“I don’t have any indication of that,” Christian Sewing told Bild am Sonntag. “We are on track to make our first profit for three years. It is only a matter of time before this progress is reflected in the share price.”

Sewing’s remarks followed the two-day raid as part of an investigation linked to the so-called Panama Papers leak of documents about offshore finance.

Police searched the offices of all the bank’s board members, Sewing said.